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 DANBURY, Conn., Nov. 9 /PRNewswire/ -- First Brands Corporation (NYSE: FBR) announced today improved first quarter results, despite higher tax rates and additional expense from adoption of SFAS No. 106 - Employers' Accounting for Postretirement Benefits Other than Pensions.
 Net income for the fiscal 1994 first quarter ended Sept. 30, 1993, increased to $16,372,000, or 74 cents per share, compared to $15,005,000, or 69 cents per share, a year ago. This year's results include additional expense from higher tax rates resulting from recently enacted U.S. tax legislation and the adoption of the aforementioned retiree benefit accounting standard; excluding these additional charges, net income would have been 80 cents per share. Revenues were $279,813,000 vs. $268,997,000 recorded in the first quarter last year, an increase of 4 percent.
 Commenting on the results, Alfred E. Dudley, chairman and CEO, stated: "The improved earnings resulted from higher sales, higher operating margins and lower interest expense. Our strategy of increasing the premium mix, broadening distribution and lowering costs is working very well.
 "All of our major businesses performed well during the first quarter. The GLAD-LOCK Zipper Bag component of the Home Products Division not only increased its sales but also its market share to a new 52 week high. Sales of STP and other automotive products rose 12 percent led by strong fuel additive sales. While dollar sales of antifreeze were down slightly, unit volumes rose 12 percent, and market share increased, due to the success of the new PRESTONE marketing program.
 "We are very satisfied with the continuing success of our SCOOP AWAY operation. Its sales increased 28 percent and its highest market share was reached since our acquisition of this business in May 1992. The distribution, marketing and technology leverage of First Brands has enabled this business to set new and higher goals of share and profitability."
 Mr. Dudley continued: "These performances stand out given the worldwide retail environment. Because of the groundwork that has been laid over the list few years and the continuing strength of our marketing and sales programs, we expect to continue to outperform market growth."
 First Brands Corporation develops, manufactures, markets and sells leading consumer products sold under the GLAD, GLAD-LOCK, SCOOP AWAY, EVER CLEAN, PRESTONE, STP and SIMONIZ brands.
 Consolidated Condensed Statements Of Income
 (Unaudited, in thousands, except per share amounts)
 First Quarter Ended
 Sept. 30, 1993 Sept. 30, 1992(B)
 Net Sales(A) $279,813 $268,997
 Cost of goods sold 172,969 166,923
 Selling, general and
 administrative expenses 65,292 63,718
 Amortization and other
 depreciation 5,787 5,535
 Interest expense 5,342 6,472
 Discount on sale of receivables 1,005 1,127
 Other income (expense), net (21) 9
 Income before provision for
 income taxes 29,397 25,231
 Provision for income taxes 13,025 10,226
 Net income $16,372 $15,005
 Net income per common share and
 common equivalent share $.74 $.69
 Weighted average common and common
 equivalent shares outstanding 22,047 21,807
 (A) --
 Net Sales by Category
 Plastic wrap and bags $155,749 $153,663
 Pet products 15,804 12,379
 Antifreeze/coolant 53,239 53,963
 Other automotive products 55,021 48,992
 Total $279,813 $268,997
 Net Sales Geographically
 U.S. $253,163 $241,037
 International 26,650 27,960
 Total $279,813 $268,997
 (B) -- Results restated to reflect the effect of adopting SFAS No. 109 - Accounting for Income Taxes, on a retroactive basis in the second quarter of fiscal 1993. Previously reported results were increased by 3 cents per share.
 -0- 11/9/93
 /CONTACT: Donald A. DeSantis, vice president and chief financial officer of First Brands, 203-731-2306/

CO: First Brands Corporation ST: Connecticut IN: HOU SU: ERN

TW -- NY039 -- 2189 11/09/93 10:39 EST
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Publication:PR Newswire
Date:Nov 9, 1993

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